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Boston-based Liberty Mutual Holding Co. Inc. reported net income of $1.06 billion for the first nine months of 2012, a marked increase over the $73 million the company earned in the same period in 2011.
Year-to-date revenues were $27.32 billion, an increase of $1.61 billion or 6.3% over the first nine months in 2011. Net written premiums for the period were $25.06 billion, a 6.7% increase over the same period in 2011. The company's combined ratio for the first nine months decreased 6.9 points to 101.7%.
On a quarterly basis, the insurer reported third quarter net income of $465 million, compared with $112 million loss in the third quarter of 2011. Third quarter revenues were $9.28 billion, a 5.8% increase over the same period in 2011, while net written premium for the quarter grew 6.3% to $8.65 billion. Liberty Mutual's combined ratio for the quarter improved to 98.5%, compared with 110.7% in the third quarter of 2011.
Liberty Mutual Insurance President and CEO David H. Long credited the improved results to modest catastrophe losses and rising prices in certain lines of business.
“Growth remained robust at 6%, with positive real growth where we targeted — personal lines and international — and contraction in underpriced commercial business,” Mr. Long said in a statement. “Positive price momentum exists across most lines with the magnitude of increases targeted to where it is needed most: workers compensation and property. This pricing trend will continue given the persistent low-yield environment."
BOSTON—Liberty Mutual Group Inc. saw 2012 first-half revenues rise to $18.04 billion, a 6.5% increase over the same period in 2011, the insurer said Wednesday.